The following are key points in ANZ's analysis for the latest speculative positioning report (positioning data is for the week ending 22 April).

Leveraged funds have increased their net short positions against the USD to their highest level since January 2013.

"While speculators remain bearish on the USD, we note that positioning is now at a level which has marked the bottom on three previous occasions. On those occasions, short positions were reduced and the DXY rallied." ANZ argues.

AUD saw the largest increase in net long positions, up by 8.9k contracts (worth USD0.8bn) taking overall positioning to 27.2k.

"This is the sixth consecutive weekly increase in net long positions, taking it to the highest level since late April 2013. The last time positioning was this high, AUD was trading above parity. However, the positioning cut-off date was prior to the release of weaker than expected Australia CPI data, which resulted in a weakening of the AUD. Some reduction of AUD long positions likely resulted since." ANZ clarifies.

GBP net long positions continue to rise to record highs.

"For the week, leveraged funds added another 4.1k contracts (worth USD0.5bn) to take overall positioning to 127.7k. EUR net long positions were only reduced slightly despite increased rhetoric by ECB officials about the impact of a high euro on inflation," ANZ adds.